• Skip to primary navigation
  • Skip to main content

Duffy Law Office, PLLC

Helping Families Preserve Their Wealth

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • LGBTQ Estate Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Reports
    • Advanced Estate Planning
    • Basic Estate Planning
    • Estate Planning For Niches
    • Trust Administration
  • Resources
    • Client Resources
    • Consumer Resources
    • Published Books
  • BLOG
  • Contact Us
  • (563) 445-7400
  • Show Search
Hide Search

You Need Umbrella Liability Insurance NOW

Dennis D. Duffy · Feb 11, 2012 ·

You need umbrella liability insurance and you need it now. No kidding. If you are not properly insured, all of your estate planningand hard work is for nothing because your assets can be taken in a lawsuit. Think you wont get sued? Some attorneys observe that if you havent been sued yet, you havent lived long enough.

What is Umbrella Liability Insurance?

Umbrella liability insurance (aka personal catastrophic insurance) raises the coverage of your car and homeowners/renters insurances.

Like an umbrella, the insurance sits on top of your other policies, drastically raising the coverage. If you buy a $1 million of coverage, your underlying policies are both raised to $1 million. If you buy $5 million of coverage, your policies are raised to $5 million.

Does Umbrella Liability Insurance Cost A Lot Of Money?

Surprisingly, this insurance coverage is inexpensive. While you have to purchase a certain level of underlying insurance, the umbrella liability insurance is inexpensive. For example, $1 million of coverage costs under $200 per year. Its a lot of bang for your buck.

How Do I Get Umbrella Liability Insurance?

Call your property and casualty (homeowners/renters/auto) agent. All you have to do is sign the applicable form and youre covered. (You need separate coverage for your business.)

Umbrella liability insurance is part of any comprehensive estate plan. If you have questions about protecting your assets and this insurance, consult with a qualified estate planning attorney.

  • Author
  • Recent Posts
Dennis D. Duffy
Latest posts by Dennis D. Duffy (see all)
  • Attorneys Want to Help - December 14, 2016
  • Trusts and the Estate Tax - December 14, 2016
  • What Is a Third Party Special Needs Trust? - December 14, 2016

Asset Protection, Insurance Asset Protection, Estate Planning, Personal Catastrophic Insurance

Blog Subscription

Where we are

Duffy Law Office, PLLC
1840 E 54th St
Davenport, IA 52807
United States (US)
Phone: (563) 445-7400

Opening hours

Monday8:30 AM - 4:30 PM
Tuesday8:30 AM - 4:30 PM
Wednesday8:30 AM - 4:30 PM
Thursday8:30 AM - 4:30 PM

Map

duffy_hmpg_map.png

© 2023 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us